Tuesday, May 14, 2013

There is some change to the very short term count of (b) since the last update, but this is a very minor change. Partly due to Monday's waves, (b) works best as a triangle. This means (c) has terminated or will do so very soon. If the alternate' count is correct, there can be some additional action higher, but alternate' waves [1] and [2] of iii look odd making the count questionable.

If there is not a double zigzag wave B higher unfolding, one pullback and final impulse higher should terminate an impulse wave that began at the April low. That option would probably take several weeks to unfold.

The alternate count has been reformulated a bit, but there are some significant problems with the small waves around the alternate wave 1 and 2 area.

There is some change to the very short term count of (b) since the last update, but this is a very minor change. Partly due to Monday's waves, (b) works best as a triangle. This means (c) has terminated or will do so very soon. If the alternate' count is correct, there can be some additional action higher, but alternate' waves [1] and [2] of iii look odd making the count questionable.

If there is not a double zigzag wave B higher unfolding, one pullback and final impulse higher should terminate an impulse wave that began at the April low. That option would probably take several weeks to unfold.

The alternate count has been reformulated a bit, but there are some significant problems with the small waves around the alternate wave 1 and 2 area.

My trading philosophy is 95% based on my own Elliott Wave analysis of the S&P 500. I try to keep my analysis and trading as simple as possible and do not use trend lines, channels, or definite retracement, price, or time targets. To me, inspecting the proportionality and symmetry of a market's price structure is the key to mastering the principle; it is through this that low-risk, high-reward trading opportunities are found.

Because they are the only things I look at when trading, the quality of the charts I post on this blog are very important to me. I think you will find my work to be the best Elliott Wave analysis of the S&P 500 on the internet.